QCP Capital: Bitcoin Rally Driven by Spot Demand Rather Than Leverage

QCP Capital noted that Bitcoin's recent rise to $80,000 is primarily fueled by spot ETF inflows and short covering, rather than leveraged long positions. While the U.S. Treasury's liquidity support for long-term bonds has provided a boost, market focus remains on the Federal Reserve's balance between inflation and liquidity. With open interest in futures declining and funding rates remaining moderate, the market is closely watching whether future gains will continue to be supported by spot capital as Bitcoin approaches the $81,000 to $86,000 range.